MAT will become irrelevant once tax sops are removed - CBDT
PrintListen to this Article
The minimum alternate tax (MAT) is likely to become irrelevant with the removal of exemptions from direct taxesthat corporates currently avail, according to Anita Kapur, chairperson, Central Board of Direct Taxes (CBDT). Her statement came during an interaction with reporters here on Tuesday.
This statement is likely to bring relief to companies that were miffed that the Budget was silent on minimum alternate tax. During the pre-Budget consultation, India Inc had pitched hard for the removal of the minimum alternate tax provision.
Kapur also addressed queries on how Central Board of Direct Taxes and the finance ministry would tackle the issue of black money through a Bill, which is likely to be presented during the Budget session of Parliament.
"This law will give us a reach over their assets. Earlier, there was an onus to prove that whether it is an undeclared income; now, even a non-declaration is liable to prosecution," said Kapur.
Under the new law, the ministry would give a compliance window giving an opportunity for tax payers to declare any foreign assets.
Any declaration would attract a tax demand and penalty; however, it would not lead to imprisonment or further prosecution.
"This will not be an amnesty scheme," said Kapur, adding the ministry would come out with the exemption list before the end of the year. Finance minister Arun Jaitley had said exemptions were the biggest source of litigation. CBDT (Business Standard)
Category : Income Tax | Comments : 0 | Hits : 579
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ITATs were 20,266 High Courts, 37,436; and Supreme Court 5,544. The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals in its 10...
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards. As ...
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions): New Regime 115BAC (1A) introduced for FY 2023-24 Existing old Regime 0-3 lacs 0% 0-2.5 lacs 0% ...
Comments